Daily Dupaco

Friday, July 27, 2018

Dupaco explores ways to help first-time homebuyers save

Dupaco members Tom and Rebecca (Wolter) Ameche settle into their first home with a new addition to the family—a golden retriever named Hank. With the help of their credit union, the couple purchased their Dubuque, Iowa, home a few months before their wedding day. (M. Blondin/Dupaco photo)

With their wedding on the horizon, college sweethearts Rebecca Wolter and Tom Ameche hoped to find a house to call their own before the big day.

They turned to Wolter’s longtime credit union, Dupaco, for help—and found guidance and unexpected savings at every turn.

“As first-time homebuyers, it was hard to know what to expect,” Wolter says. “No matter who we talked to, everyone was willing to help and get us the best answer they could in a timely manner.”

Dupaco helped the couple merge their finances, showed them how to automatically save for holidays and trips they take together, taught them how to continue building their credit and guided them through the homebuying journey. After looking at a handful of houses, the Loras College graduates found the perfect one for them in a neighborhood they knew well.

“It’s right by Loras College. I guess we can’t get away from it,” Ameche says.

Dupaco’s Krystal Frederick knew how important every bit of savings would be for the young couple getting started. And while the couple didn’t qualify for some income-based grants, Frederick found other savings for the couple, who bought their house in April:

80/15 loan, allowing the couple to take out two mortgages to avoid paying Private Mortgage Insurance. The first mortgage was for 80 percent of the home’s value, the second at 15 percent. By piggybacking the loans, the couple saves $160 in monthly PMI payments, Frederick says.

*This offer is good through August 31, 2018 and applies to Real Estate applications taken by the credit union from March 1, 2018 through and including August 31, 2018 resulting in an approved and disbursed real estate loan at the credit union. This offer is not transferable and may not be used in conjunction with any other discounts, offers or coupons and may not be redeemed in cash. This offer requires Dupaco membership. To be eligible for membership in Dupaco you must live or work in Dupaco’s charter area or have a member of your immediate family be an existing member of the credit union. Commercial loans, Mini Mortgages and Home Equity Loans are excluded from the offer.